https://www.taxtmi.com/caselaws?id=326197 The court held that the notices issued under Section 148 of the Income Tax Act for reopening assessments were invalid due to contradictions in the Assessing Officer's reasoning and lack of compliance with Section 11(2) requirements. It was found that the Assessing Officer's reasons were factually incorrect, leading to the quashing of the notices. The court emphasized the importance of complying with procedural requirements under Section 11(2) before invoking Section 11(3) to tax unutilized accumulated funds. The petitions were allowed with no costs awarded. en-us Tue, 01 Mar 2016 00:00:00 +0530 Thu, 07 Apr 2016 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326197 The court held that the notices issued under Section 148 of the Income Tax Act for reopening assessments were invalid due to contradictions in the Assessing Officer's reasoning and lack of compliance with Section 11(2) requirements. It was found that the Assessing Officer's reasons were factually incorrect, leading to the quashing of the notices. The court emphasized the importance of complying with procedural requirements under Section 11(2) before invoking Section 11(3) to tax unutilized accumulated funds. The petitions were allowed with no costs awarded. Case-Laws Income Tax Tue, 01 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326197